Wall Street Journal
May 27, 2011
Three of the main actors in Greece's deepening debt crisis have talked themselves into a standoff.
Faced with having to take action to plug a gap in Greece's finances, the European Central Bank, the International Monetary Fund and the German government are proposing incompatible solutions.
"It's the most irresponsible public dispute that you could have thought of," says Sony Kapoor, founder and head of Re-Define, a Brussels-based finance think tank.
The showdown comes ahead of an assessment of Greece's finances by the so-called troika—officials from the IMF, ECB and the European Commission—that will be concluded next week. It must judge that Greece's finances are sustainable before another slug of bailout money can be released on June 29.
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